It looked likely that the game would end as a 0-0 stalemate until there was only a matter of minutes left on the clock.
With 84 minutes gone, Liam Lindsay and Fankaty Dabo were both shown red cards before Daniel Johnson slotted home a penalty for the Lilywhites.
The three points were in touching distance for Ryan Lowe’s side, however Coventry refused to give up and scored a 98th minute equaliser.
The draw is their seventh in 12 matches and leaves them in 12th place.
Preston will now host Bournemouth this weekend, four months after the Lilywhites beat them in the reverse fixture and left them unbeaten in four against the Cherries.
Here are the best of today’s transfer rumours...
9. Blackburn Rovers ace unlikely to sign new deal
Blackburn Rovers boss Tony Mowbray has said it ‘doesn’t look like’ Ryan Nyambe will re-engage talks with the club as his contract nears an end. The defender joined Rovers’ academy aged 13. (The 72) | Getty Images